source avatarCrypto Patel

Share

As Per $ZEC Chart, you can see a Beautiful Cup & Handle Pattern formed on the Weekly Timeframe. @Zcash has already broken the Neckline/Resistance of this pattern, and if the pattern follows the 100% target, the target could be around $2,200. No doubt, Cup & Handle is a strong and powerful bullish pattern. But IMO, these patterns have much higher accuracy when they form near the bottom or after a long downtrend/accumulation phase. And this is exactly where I’m a little curious and cautious about the current #ZEC setup. This Cup & Handle has formed near the TOP / ATH area after an already massive 6,755% pumped in Just last 2 Years. That’s why I’m not blindly bullish just because the pattern has broken out. The pattern itself looks strong. My concern is WHERE the pattern formed, not the pattern itself. After a massive move from $16 to $1,087, we should also consider the possibility of a fake breakout, profit-taking, or a major correction. So yes, $2,200 is possible if the pattern fully plays out. But don’t let a bullish pattern remove your risk management. A chart pattern is a possibility, not a guarantee.

No.0 picture
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.